The Australian Financial Reviews is reporting on a startup startup founder who is building an engine that could provide a better, faster and cheaper way to streamline financial transactions for banks and other financial services.
It’s not an entirely new idea: companies like BitPay and Coinbase have made a big splash in recent years, launching their own bitcoin exchanges.
But the company that makes Tecumsehs engine, the TecumSeh engine, has been around for some time.
It was built by a group of students from the University of Technology, Sydney (UTS), and has been in continuous development since 2015.
It was also built with help from a small Australian tech firm, which provided the hardware, the software and a small team of engineers.
The idea is to streamlines the way banks and financial institutions deal with each other.
They need to get a better understanding of the various types of payments that their customers are making, and then they need to find ways to process those payments in a more efficient and secure way.
“The idea was to streameline the way that we handle payments between banks and the wider financial services sector,” Tecum Seh CEO Mark Pincher said.
“What it means is that banks and credit card companies and payment processors need to understand and be able to handle different types of payment and we need to make sure that these payments are handled in a way that’s as secure and secure as possible.”
It’s a similar problem to what banks do with the money that they send out, Pinchers said.
“We want to get it back in the right place at the right time.”
That’s why Tecummehs engine works differently from traditional financial services like wire transfers and credit cards.
“It’s designed to be a service that’s built on top of existing payment systems and we’re building an alternative payment system,” he said.
Tecummeh is trying to make it easier for financial institutions to accept bitcoin payments.
“It will allow us to do things like transfer funds from one bank to another or vice versa,” he explained.
“We want the bank to take control of that transaction.”
It would be easy for banks to be able transfer money between their own systems.
“Banks are going to be doing this kind of thing all the time, so they’re not going to need to build a separate system, but it will be a different experience,” Pincers said.
In order to use Tecumess engine, you have to have a bitcoin wallet.
If you’re using a wallet on a computer, it doesn’t work out well.
“You can’t do the same thing in your phone,” Pinds said.
Tecumsehes has also created a secure, user-friendly interface for customers to get in touch with their bank.
In addition, the company has built in a secure email address that people can use to check if their transaction has gone through.
Pincher believes this will be an important way for banks, payment processors and other companies to handle the bitcoin-based payments that people want to make.
“Banks, payment processing companies, payment processor providers, payment providers, credit card processors, whatever they want to do, they’re going to want to have the ability to use bitcoin,” he told The Australian.
The technology isn’t perfect, but he said it is very scalable.
“With Tecumsea, the idea is that you can do things with a simple application that is secure and easy to use, but at the same time you can also be able run it on a mobile device and have it work with all kinds of applications, such as e-commerce, financial, health, finance, everything,” he added.
There is a lot of work to be done, but Pincchers believes the platform has the potential to change how we transact.
“If you think about the way people use bank accounts now, it’s a very different experience than the way we used to transact,” he noted.
“And in a lot more ways that’s because we have different kinds of banking systems.”
But if you look at the way the banking system has changed over the years, that’s how we’ve really evolved over time.
“So we want to be part of that evolution, and that’s why we’re going after the idea of a secure payment processor that can be used in different ways.”
There are a few other startups out there, too, that are working on this idea.
Last year, the startup Open Payments raised $25m in a seed round, and the company is working on a similar project.
And there are companies like Coinbase that are looking to make this a reality.
With a $10m Series B funding round last year, Coinbase was also one of the first bitcoin companies to launch its own payment processor.
So it seems like Tecumus is in good hands.
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